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Whether you’re an investor or an individual interested in real estate, it doesn’t hurt to know more about the market before you decide to buy or sell. You want to know how much houses are selling for, what the rental market is like, and a town or city’s prospects.
If the time has come to make some significant property decisions, such as selling your Augusta property, here’s what you need to know about the Augusta GA housing market in 2021.
Getting to Know Augusta, Georgia
If you don’t live in Augusta, GA, but you’re planning on buying or selling there, familiarize yourself with what’s happening in the market.
Augusta is Georgia’s second-largest city behind Atlanta and consists of 48 neighborhoods. Some of the most desirable neighborhoods are Lake Aumond, Summerville, and Belair.
The city’s population has grown by 8.5% in the last decade, and employment growth sits at approximately 7.61%. In most Augusta neighborhoods, you’ll find a variety of condos, townhouses, two-bedroom homes, and multi-family properties.
Looking at Augusta, GA Sales Figures
When you’re pondering whether it’s time to sell your home, looking at recent sales figures and averages can be worth your while. You gain insight into the median listing price, what properties are selling for, and even the price per square foot.
Between 2020 and 2021 in Augusta, GA, house prices increased by 19.4%. In the metropolitan area, they have increased by more than 42% since 2016. Based on recent reports, the median listing price is $169,900, with a price per square foot of $106. However, the median sales price was $167,300, down on the listing price.
Homes are spending a median of 46 days on the market, and the sales-to-list price ratio has increased by 100%. The most affordable suburb to buy in is Harrisburg, with a median listing price of $99,000, while Forest Hills, known for its golf club, is the most expensive at $415,000.
However, Augusta is undoubtedly known for its affordability since it ranks 1 out of 10 in the top 100 metro areas of the US, with 1 being the most affordable place to live and 10 the most expensive.
Rental Market in Augusta, GA
If you own rental properties in Augusta, GA, and you’ve been thinking about selling them, it doesn’t hurt to understand what the rental market is doing. Augusta’s average rent per month was $975 from May 2021, with an 11% increase in the last year.
The rental market has plenty of room to grow, with 38% of households being renters. Half of all rental units have monthly rent figures of $701 to $1,000, and the most popular rental neighborhoods are Highland Park, Belair, and National Hills.
Sales Methods in Augusta, GA
Three of the top sales methods in Augusta are For Sale by Owner (FSBO), real estate agent, and directly to home buyers. Each of these methods has pros and cons, but selling directly to home buyers often has many benefits.
You can move on your own terms, sell with discretion, and avoid the need for any renovations, repairs, or improvements. Many Augusta property owners also prefer this option if they have tenants, a vacant home, a damaged home, or they wish to sell far quicker than the median 46 days on the market.
Now that you fully understand what the Augusta property market is doing in 2021, you can make an informed choice. House prices are rising, and there may be no time like the present to look at your sales options and put cash in your back pocket.